3 questions to ask yourself before buying a franchise
MANILA, Philippines - In our over 18 years of experience in franchising, people always ask “what’s a good business to franchise?”
There’s no one simple answer to this, and in fact, the best person to answer this is you.
Here are 3 questions you need to ask to guide you towards the right decision:
1) Is franchising for me?
Although millions of people around the world have gained the financial freedom of owning their own franchise, franchising is still not for everyone. Before even choosing a brand, you need to ask yourself whether franchising is right for you. Franchising requires you to follow a strict operations guide, so very creative entrepreneurs may tend to be frustrated with this system.
Franchising is perfect for people who want the freedom of owning a business, but with the guidance of a system and support of a franchisor.
2) Is this franchise for me?
Don’t franchise a business just because your friend told you it’s profitable. Make sure you know the brand, you’ve tried the product or service, have checked out their numbers and system as valid, and that you’re passionate about the owning and running the business! You will be spending many hours building and growing this business so before jumping in, make sure you are passionate about the business and the brand!
3) What’s in it for me?
If you believe franchising is right for you and you’ve found a brand and product that you love, then congratulations!
The last question you need to ask is what’s in it for you? You need to understand how easy it is to run the business, whether you are happy with its profitability, and what support the franchisor will give you.
The best franchise businesses give you initial training and ongoing support to make sure that your business is profitable. Also, take a look at franchises that are credible and professionally developed, not just a fad, and that will no longer be around 5 years from now.
Franchising allows you to be in “a business for yourself, but not by yourself,” so for those who are interested in starting their own business, franchising is surely a great opportunity to help you get started.
Franchise Talk is a content partnership of ABS-CBNNews.com with Francorp Philippines. For more on franchising, contact Sam Christopher Lim at [email protected] or visit www.ufranchiseasia.com
About the author:
Sam Christopher Lim is the Senior Vice-President for marketing & strategy at Francorp Philippines. He has over a decade of global marketing experience from Bangkok, Shanghai and most recently London. He is a multi-awarded marketer who graduated with distinction from Oxford University and was awarded with the Young Market Masters award. He is also currently chair for ASEAN integration for the Philippine Franchise Association.